Wednesday, March 30, 2011

Easy Enough, S&P 1330 is Here

Well that was easy enough.  We've now rallied 6.5% straight up in just under 2 weeks.  S&P 1330 which was the old incremental high is now being touched, and once we climb over that level the technical problem we had a few weeks ago in terms of lack of a new higher high will be over and done with.

A few more gap ups in the overnight session and we'll be at highs of the years.... looking at the chart we've gapped up 6 of the past 10 sessions.  Amazing.

Apparently short of nuclear implosions and/or fears of major European debt meltdown (Ireland, November 2010) the market no longer has the ability to go down.  And even those events, only caused 3 weeks of issues.  Those are the only two things that could stagger this market even momentarily since Ben Bernanke added 'pushing the stock market up ' as the Fed's 3rd initiative at Jackson Hole, Wyoming late last summer.  Since the Fed's two other initiatives (price stability and full employment) are not working, I guess he wanted something much easier to handle.  1 for 3 ain't bad.

V shape is the new normal.... what you knew before 2009 is no longer of use.

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